The most common way to sell and buy at the same time in NSW is to line up both settlements on the same day, linked in PEXA so the sale funds pay for the purchase. It works well, but a delay on one side can delay the other, so the contracts, deposits and finance need planning before you sign either one.
Your options
| Approach | Pros | Risks |
|---|---|---|
| Sell first, then buy | You know your budget | You may need to rent in between |
| Buy first, then sell | You secure the home you want | You may carry two loans, or need bridging finance |
| Simultaneous settlement | One move, no gap | A delay on either side affects both |
| Longer settlement or rent-back | More time to line things up | The other party must agree |
Getting the deposit together
If your cash is tied up in your current home, you may not have the 10% deposit for the purchase. Options include a deposit bond, a smaller deposit agreed with the seller, or an early release of the deposit on your sale, which the buyer must agree to. See our deposit guide.
Lining up the dates
- Negotiate settlement dates before exchange on both contracts
- Exchange on the purchase with cooling off if you can, while your sale is confirmed
- Request your mortgage discharge on the sale early. See our mortgage discharge guide
- Make sure your new lender knows the purchase depends on the sale
If one side is delayed
If your sale is late, your purchase may be late too, and you may owe interest to your seller. We keep both matters moving and watch for problems early, so there is time to fix them.
Common questions
FAQs
Can both settlements happen on the same day?
Yes, and they are often linked in PEXA so they happen in order.
Should I sell or buy first?
It depends on your finances and the market. Selling first is usually lower risk.
What is bridging finance?
A short-term loan that covers the gap if you buy before you sell. Speak to your broker.
City Peak Conveyancing acts on NSW property only. This page is general information, not advice about your circumstances.